Before even releasing its first flying car, Terrafugia has already begun work on its successor, the TF-X — a much sexier four-seat hybrid capable of vertical takeoff. The company also announced that the Transition will be ready in about two years. Or maybe three. We're so totally holding our breath.

It’s actually been quite a while since we last reported on Terrafugia’s Transition. It’s not the most exciting design, but it can travel 450 miles (725 km) at a speed of 115 mph (185 kph) on regular unleaded gas. On land, and with the wings folded up, it can toddle around at 65 mph (105 kph). Retail will be just shy of $200,000, and will supposedly require only 20 hours of flying lessons.

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On Monday May 6, the Woburn, Massachusetts company announced its plans to deliver the Transition flying car to customers by 2015. Or 2016 — a delay of about five years. And we're sure they really, really mean it this time.

Terrafugia also took the time to announce it’s new project, the TF-X. It’ll carry four people (unlike Transition’s two), have a flight range of at least 500 miles (800 km), fly over 200 mph (320 kph), and fit into a standard single car garage. It’ll also be capable of vertical takeoff and landing from a level clearing of at least 100 feet in diameter.

The TF-X will be “safer” and more “convenient,” driven primarily by computer controls. Pilots will be able to steer the vehicle using fly-by-wire controls. More here.